In the current technologically advanced world, security threats are varied and emerge regularly. According to a report by IBM Security, a single breach can take up to 279 days to contain costing the breached company over $3.9 million on average.
In eCommerce, security breaches are more rampant among small and medium business retailers with one in five experiencing payment frauds such as credit card fraud. As a consequence, many of the breached retailers are forced to close. When it comes to security in the eCommerce market, compromise is not an option since there are no second chances. Advanced eCommerce security solutions like Penetration Testing offer the market, retailers, and consumers numerous advantages.
Why is security important for eCommerce market?
- Enhance Trust in the market
In the digital age, technologically-empowered consumers have numerous options at their disposal and will not settle for basic functionality. For one, trust is more important to consumers than providing the product or services they seek since they can acquire the same product or service from any other business.
Trust is particularly important for the eCommerce market because online transactions lack personal touch. Consumers will only trust their sensitive information to businesses in the eCommerce market if they assured that their information will be protected. The effectiveness of existing eCommerce security solutions has enabled consumers to trust the eCommerce market more than traditional brick-and-mortar businesses.
- Improves retailers’ data security
For most retailers, e-commerce security solutions are critical for improving not only data security but also shopper sentiment. The most effective security technologies combine robust fraud prevention solutions with revolutionary features such as vulnerability surfacing and mitigation on a single software or platform.
This offers online retailers real-time capabilities to decrease the risk of a serious data breach significantly. The most successful businesses in the eCommerce market attained success by adopting effective security solutions enabling differentiation from competitors by offering their customers the highest level of data security.
- Protect the reputation of brands
Even though some retailers can recover financial losses from a breach, their reputation will be tainted for years or even decades to come. Just like trust, regaining the reputation and awareness of the brand that has been nurtured since the founding of business is next to impossible.
Advanced e-commerce security solutions like Penetration Testing help online businesses to become more responsive and protect their brands from evolving data risks. With more agile and robust security technologies, online retailers can adapt to new and emerging data security threats giving their customers the highest level of trust and confidence to remain loyal to the brand. Check out Invictus SECURED to increase your customer trust.
- Protect against fraudulent payments
The importance of security in the eCommerce market goes beyond mitigating the risk of a breach to include protecting customers from fraudsters. Even though some fraudulent payments are refunded to the defrauded customer, many customers had to bear the losses as the burden of the breach forced many online start-ups into bankruptcy.
To reduce financial risks due to fraudulent payments, eCommerce platform providers integrated several in-built security features such as Set Limit option, Card Verification Value (CVV), and Address Verification System (AVS) to match billing and shipping addresses of all transactions. Even though in-built security features can provide a level of protection against fraudsters, new and complex cyber-attack tactics are invented by cybercriminals regularly by exploiting unknown vulnerabilities in eCommerce platforms.
To attain the highest level of protection, online retailers should seek highly effective and advanced customized eCommerce security solutions such as Penetration Testing that allows for surfacing of vulnerabilities. Once the weaknesses, loopholes, and security gaps are surfaced and acknowledged, they can be addressed effectively and promptly before they become problematic. Anticipating security risks is an effective way for the eCommerce market and players to combat the ever-increasing threats.